Talent Intelligence is crucial in helping UK enterprises thrive amid skill shortages, higher job vacancies, and the Great Resignation. It offers valuable insights by examining workforce trends within and outside the organisation- starting at recruitment. This data-driven approach allows businesses to stay competitive and improve their hiring processes, ensuring they secure the right talent in the challenging recruitment landscape.
Internally, Talent Intelligence enables organisations to identify and nurture high-potential employees, fostering a culture of internal mobility and reducing turnover. Externally, it allows businesses to stay ahead in the competitive landscape by tracking industry trends, competitor strategies, and market benchmarks for talent acquisition. By leveraging data-driven insights, UK enterprises can make informed decisions to attract, retain, and develop the best talent, ensuring their continued success in the ever-evolving worlds of hospitality, leisure, and retail.
This article delves into the necessity of incorporating Talent Intelligence in recruitment strategies. It highlights its advantages and examines the data analytics and reporting tools by inploi. These tools serve as effective means for businesses to understand market trends and gain a complete view of the recruitment funnel, all underpinned by robust data-driven insights.
According to Hospitalitynet, the UK hospitality industry faces a staggering 37.6 percent annual turnover rate. The year 2023 has witnessed a significant 46 percent surge in hospitality job postings, with a concerning 42 percent of new hires leaving their positions within the initial 90 days. These statistics underscore the need for a reevaluation of hiring practices.
Analysing the market to discern candidate preferences, assessing candidate profiles to determine optimal fits, strategically timing and placing job advertisements for maximum outreach, and scrutinising the entire candidate journey from application to onboarding and beyond through a data-driven lens is imperative for UK business owners seeking to adapt their recruitment strategies effectively.
Talent Intelligence serves as a vital avenue that enables talent acquisition experts to comprehend the current market and assists in aligning job requirements with market dynamics. It facilitates the development of recruitment processes and strategies that pinpoint the right platforms, harness extensive resources, streamline application procedures, and identify gaps within the recruitment funnel, ultimately fostering a more efficient and effective hiring process.
Talent Intelligence isn't just about accumulating more information per candidate; it's about making robust and informed decisions. To give this some context, look at the larger picture- in the UK alone, a staggering 6.5 million workers are contemplating quitting, with higher pay and better benefits being the primary drivers for this trend.
Despite these unsettling statistics, businesses can proactively implement measures to retain their existing talent and effectively attract new talent, ensuring sustained operations. Talent Intelligence plays a pivotal role in this endeavour by enabling organisations to assess and enhance their salary and benefits packages to stand out in the competitive landscape. Furthermore, it offers valuable insights into candidates' preferences from various age groups and demographics.
inploi Analyse is a comprehensive analytics and reporting tool that tracks the end-to-end candidate journey - from first contact with a candidate into the ATS - giving companies complete visibility of their talent attraction efforts, return on investment, channel success, and KPIs to drive critical recruitment marketing decisions.
inploi is your partner in harnessing the power of data and insights to drive recruitment success, from attracting top talent to successful onboarding. Contact us to boost your recruitment efforts.